AS MADARA Cosmetics publishes its audited unconsolidated and consolidated annual report for the 2024 financial year. The report is available in the attachment (in English).
In 2024, the Group took significant steps to refine its business strategy, including the divestment of the MOSSA and SELFNAMED.COM brands, along with its participation shares in Cosmetics NORD SIA. On 30 April 2024, MADARA Cosmetics AS signed a binding agreement with Finnish cosmetics distributor Oy Transmeri Ab for EUR 4 million, transferring the MOSSA brand assets while continuing production through contract manufacturing. Furthermore, on 1 July 2024, a contract was signed for the sale of 100% of the holding in Cosmetics NORD SIA. These strategic initiatives enabled the Group to focus more effectively on its core brand MÁDARA while ensuring sustained production capabilities and fostering innovation through newly established partnerships.
In 2024 the Group achieved revenue of EUR 21.52 million, reflecting an 11% increase compared to the previous year’s like-for-like figures (Group’s adjusted revenue) or a 6.4% growth compared to the previous year. Profit before corporate income tax amounted to EUR 6 million, while net profit after tax was EUR 5.46 million. These results were significantly influenced by the divestment of the MOSSA brand and sale of Cosmetics NORD SIA (SELFNAMED.com). Although transitioning to a contract manufacturing model had a short-term negative impact on revenue growth, the sales proceeds from these transactions increased the Group’s overall profitability. The Group’s earnings per share for 2024 amounted to EUR 1.44 (3 782 984 total shares as of the financial statements’ approval date).
In 2024, the Group has launched 14 new MÁDARA skincare and makeup products, as well as new shades for existing MÁDARA makeup products. The Retinol Alternative line, introduced in 2023, was expanded with a day cream, night cream, and eye cream. To enhance the MÁDARA makeup range, additional SKINONYM foundation shades were introduced to appeal to a broader market audience. A new makeup product category was added—talc-free pressed powders and blushes—positively contributing to the segment’s growth and reaffirming MÁDARA’s commitment to offering high-performance and organic, clean formulations. The year also saw the long-anticipated expansion into the men’s skincare segment with the launch of the HIS product line. The revenue from new products in 2024 exceeded EUR 950 thousand.
The Group’s non-current investments in 2024 totalled EUR 782 thousand, including EUR 377 thousand invested in the MÁDARA brand website and over EUR 90 thousand in technological equipment.
The Group continued to attract additional financing for strategically important projects. Total research and development expenses for the 2024 reporting year amounted to EUR 207 thousand, of which approximately EUR 90 thousand was received as co-financing support from the Pharmaceutical, Biomedical, and Medical Technology Competence Center (Farmācijas, biomedicīnas un medicīnas tehnoloģiju kompetences centrs). The average number of employees engaged in these projects was 13. Additionally, the Group received the remaining EUR 60 thousand in co-financing from the Norwegian Financial Instrument Program Activity “Green Innovations and the Introduction of Information and Communication Technology Products into Production”. Furthermore, the Parent Company participated in the ECSEL joint project “Intelligent Motion Control,” receiving EUR 32 thousand in co-financing. In 2024, the Group received EUR 230 thousand in co-financing from government and EU sources to support the achievement of its development project objectives.
Management has set a minimum revenue growth target of a 10% increase y-o-y, equating to revenue guidance of EUR 23.67 million.
Management Board of AS “MADARA Cosmetics”
The shares of AS MADARA Cosmetics are admitted to trading on Nasdaq Baltic First North Market.
The Certified Adviser for AS MADARA Cosmetics is ZAB Eversheds Sutherland Bitāns SIA.
About AS MADARA Cosmetics
Founded in 2006, AS MADARA Cosmetics is the largest cosmetics manufacturer in Latvia. The Company develops and produces natural skincare and decorative cosmetics, certified by ECOCERT/COSMOS, and exports to more than 35 countries. Since 2017, MADARA shares have been listed on Nasdaq Baltic’s alternative market First North. The Company and the MÁDARA brand have received multiple awards for innovation, sustainability, design, and product excellence, both in Latvia and internationally. In 2025, MADARA obtained B Corp certification, affirming its commitment to responsible, sustainable, and transparent business practices. It has also been recognised as a family-friendly workplace (2023) and a top employer in the manufacturing sector (2023, 2024), while the MÁDARA brand was named the greenest brand in the Baltics (2023). In 2024, AS MADARA Cosmetics reported a consolidated turnover of EUR 21.52 million, marking an 11% like-for-like year-over-year increase.